Happy Valentines Day!
Home prices fell in a record number 77 U.S. metro areas in the fourth quarter according to the NAR. On a better note, President Bush signed the stimulus package which will send checks to American consumers starting in May...your check may vary in size. One thing that will interest your Jumbo Loan customers, currently at a $417,000 limit loan size, is a provision that will raise the Jumbo Loan limit to $729,750. I am waiting on more information on this and will pass it on to you. This is great news for larger home buyers as the Jumbo Rates have been really high for months now.
Although the Fed cut short term interest rates 1.25% in the last few weeks, the lending institutions are still tightening the lending practices. Many programs available 6-9 months ago no longer exist and having a Lending Partner able to help you help your buyers and sellers is becoming more and more important. Call me and let's talk about how I can help you be more successful.
Thanks and enjoy the warmth...a winter storm cometh...(and it is bringing some wet stuff for the weekend!)
Enjoy the day!
Courtesy of:
Kevin Foreman
Globe Capital Home Loans
405-478-8484 direct
kevinforeman@cox.net
Thursday, February 14, 2008
Wednesday, February 13, 2008
Oklahoma February Listing of the Month
$265,000.00
3035 NW 16th Street
Newcastle, Oklahoma 73065
Virtual Tour: www.HomesofNewcastle.com
This Yankee Barn style home was custom built in 1998 and sits on 5 acres. The unique property features stunning country views from every vantage point. The entry has a wonderful stream, walk over bridge and koi pond that greets you as you enter the front door. One of the most impressive aspects of this property is its spacious great room with soaring post and beam construction 30 foot ceiling, 7 inch wide oak flooring, massive stone fireplace and beautiful staircase that leads to the study, library and second master suite. The hallway has narrow barn windows with shutters that replicate milking stalls where a lantern hangs over each window. The kitchen is large and open with breakfast bar, walk-in pantry, and dining room with brick paver flooring. The first floor master suite has it's own living area, master bathroom with antique claw foot tub and walk-in closet. Some of the other impressive features of this property include: full surround sound and audio system, security alarm, satellite hook-up in every room, dog run, 220 wiring in garage, working library ladder, zoned heating & air, fenced acreage for horses, wild blackberry bushes, redbud & maple trees, etc. This home gives you the real country setting with just a 20 minute drive to Downtown Oklahoma City. Call Wyatt Poindexter at 405-417-5466 for your private tour!
This home is listed by:
Wyatt Poindexter
Keller Williams Realty
405-417-5466
Monday, January 28, 2008
Buyers Are Still Buying Homes!
To hear the national media tell it, homebuyers are fools to buy right now. Home prices have dropped 5 percent since October 2006. Our economic problems aren't over, so home prices are bound to drop further. Why would anyone catch that falling knife? But there are some markets out there that are making monkeys out of housing bears.
According to the National Association of Realtors, home prices are higher in 93 out of 150 metro areas.
Which markets are sizzling? Charlotte, North Carolina, San Francisco; Albuquerque; and Green Bay, Wis., among others.
But don't take NAR's word for it.
Forbes Magazine has noticed the red glow from those cities and others. The magazine just named 10 cities where home prices are going through the roof, including
Forbes: 2007 Best U.S. Housing Markets:
Salt Lake City, 246,700, up 14.1%
Charlotte, S.C., $220,000, up 11%
San Jose, Ca., $852,500, up 9.4%
San Francisco, Ca., $825,400, up 8.6%
Raleigh, N.C., $229,500, up 7.5%
Austin, Tx $188,200, up 7.2%
Pittsburgh, Pa., $127,700, up 6.1%
Seattle, Wa., $394,700, up 6%
San Antonio, Tx, $154,700, up 5.7%
Portland, Or., $299,700, up 5.2%
According to the National Association of Realtors, home prices are higher in 93 out of 150 metro areas.
Which markets are sizzling? Charlotte, North Carolina, San Francisco; Albuquerque; and Green Bay, Wis., among others.
But don't take NAR's word for it.
Forbes Magazine has noticed the red glow from those cities and others. The magazine just named 10 cities where home prices are going through the roof, including
Forbes: 2007 Best U.S. Housing Markets:
Salt Lake City, 246,700, up 14.1%
Charlotte, S.C., $220,000, up 11%
San Jose, Ca., $852,500, up 9.4%
San Francisco, Ca., $825,400, up 8.6%
Raleigh, N.C., $229,500, up 7.5%
Austin, Tx $188,200, up 7.2%
Pittsburgh, Pa., $127,700, up 6.1%
Seattle, Wa., $394,700, up 6%
San Antonio, Tx, $154,700, up 5.7%
Portland, Or., $299,700, up 5.2%
Tuesday, January 22, 2008
House Hunting Tips for Buyers
Get to know the inventory of homes available in your target area. Some of these listings will never work for you, either because they aren't large enough or because they have defects you might not be able to live with, like a lot of stairs to the front door. You can drop these listings from your radar.
Find an agent who specializes locally and who will keep you well informed on local market conditions. Ask your agent to sign you up for a listing alert program that will send you information directly from the multiple listing service when new listings come on the market or when the status of a listing changes.
Of particular interest are listings that are back on the market, and ones that have had a price reduction. If a house that's back on the market is one you were interested in, find out why the deal fell apart. In the past, it was commonly assumed that if a transaction failed it was due to inspection-related issues, not financing. Today, we're seeing more transactions fall apart because the buyers were unable to secure financing. A seller who just lost a deal because the buyer couldn't perform could be receptive to a reasonable offer from a better-qualified buyer.
Don't assume there's something wrong with the house if it's back on the market, or if it has been unsold and on the market for a long time. In a changing market, it's often difficult to select a list price that will bring about a speedy sale. Keep an open mind about listings that have had price reductions. These could have been mispriced to begin with. If the sellers are motivated, they will reduce the price until it is in line with the market.
Some unsold listings haven't moved because they need too much work. In today's market, the most salable listings are those that are in move-in condition. Properties that need work should be priced to account for the work that will need to be done.
Find an agent who specializes locally and who will keep you well informed on local market conditions. Ask your agent to sign you up for a listing alert program that will send you information directly from the multiple listing service when new listings come on the market or when the status of a listing changes.
Of particular interest are listings that are back on the market, and ones that have had a price reduction. If a house that's back on the market is one you were interested in, find out why the deal fell apart. In the past, it was commonly assumed that if a transaction failed it was due to inspection-related issues, not financing. Today, we're seeing more transactions fall apart because the buyers were unable to secure financing. A seller who just lost a deal because the buyer couldn't perform could be receptive to a reasonable offer from a better-qualified buyer.
Don't assume there's something wrong with the house if it's back on the market, or if it has been unsold and on the market for a long time. In a changing market, it's often difficult to select a list price that will bring about a speedy sale. Keep an open mind about listings that have had price reductions. These could have been mispriced to begin with. If the sellers are motivated, they will reduce the price until it is in line with the market.
Some unsold listings haven't moved because they need too much work. In today's market, the most salable listings are those that are in move-in condition. Properties that need work should be priced to account for the work that will need to be done.
2008 Presents Opportunities for Homebuyers
The New Year started with promise for homebuyers as falling rates combined with lower prices to boost housing affordability. The average rate for 30-year fixed-rate mortgages (FRMs) in the Southwest, which includes Texas and Oklahoma, fell to 6.06 percent in early January from a December average of 6.10 percent. At the same time last year, the 30-year FRM averaged 6.18 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) slipped to an average 5.76 percent from a December average of 5.81 percent. A year ago, the 5-year hybrid ARM averaged 6.02 percent. One-year Treasury-indexed ARMs averaged 5.44 percent in early January, down from a December average of 5.50 percent, and almost even with the average 5.42 percent one year ago.
"The latest home sales data came with a few light notes," said Freddie Mac Chief Economist John Nothaft. "While new home sales fell in November to the slowest pace since April 1995, existing home sales rose," Nothaft said. Rising existing home sales may be a sign that the market is stabilizing, according to National Association of Realtor's Chief Economist Lawrence Yun. "Mortgage interest rates are near historic lows and the most current data shows decelerating price declines, along with a modest reduction in the number of homes on the market," Yun said. In other words, 2008 is starting with good opportunities for buyers to get into homes.
Wyatt Poindexter
Keller Williams Realty
http://www.wyattpoindexter.com/
"The latest home sales data came with a few light notes," said Freddie Mac Chief Economist John Nothaft. "While new home sales fell in November to the slowest pace since April 1995, existing home sales rose," Nothaft said. Rising existing home sales may be a sign that the market is stabilizing, according to National Association of Realtor's Chief Economist Lawrence Yun. "Mortgage interest rates are near historic lows and the most current data shows decelerating price declines, along with a modest reduction in the number of homes on the market," Yun said. In other words, 2008 is starting with good opportunities for buyers to get into homes.
Wyatt Poindexter
Keller Williams Realty
http://www.wyattpoindexter.com/
Oklahoma City January Listing Of The Month
12801 Plum Hollow Drive in Val Verde
$829,900
Enter this 2007 remodeled home and experience a new standard of luxury living. This Gil Wright home has every amenity imaginable for the home owner who wants the very best. Precisely an entertainer’s dream, this home is set to please the largest of parties. The use of stone and brick combine to create a home of unparalleled beauty. Situated on approximately 1.5 acres of prime real estate, the new owner will find 5 bedrooms, 4.5 Baths, 5 living areas, a gourmet kitchen, 4 fireplaces, custom pool, flagstone patio/deck and spa with fountain, a grand foyer, holiday closet, photography room, and a oversized three car garage that is sure to please all in a home that has approximately 5,300 square feet. Whether your looking for a grand home to entertain or the ease of comfortable and quiet family living this home truly offers it all. View this home's professional photos and virtual tours at: http://www.WyattPoindexter.com/Wyatt Poindexter
Keller Williams Realty
5629 N. Classen Drive
Oklahoma City, OK 7311
405-948-7500
405-417-5466
wyatt@wyattpoindexter.com
January 22, 2008 Market Update
Mortgage and Treasury bond prices are rallying this morning in response the The Fed's surprise move to lower the Fed Funds rate by 3/4 of a point. This is the largest single rate cut since 1984. With the next Fed meeting just over a week away on January 30, today's action was a very unusual move, indicating the severity of the conditions in financial markets. In addition to today's cut, investors are also expecting another half point cut in the Fed Funds rate at next week's meeting. The Dow was down as much as 464 points earlier this morning, before bouncing back and recovering more than half of the losses. No economic data will be released today.
Wyatt Poindexter
www.WyattPoindexter.com
Keller Williams Realty Oklahoma
(405) 417-5466
Wyatt Poindexter
www.WyattPoindexter.com
Keller Williams Realty Oklahoma
(405) 417-5466
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